03May

Anyone who knows about the development of the African economy, also knows about the development of banking facilities. According to Global Findex Database, 54% of all adults throughout the developing countries have a bank account, an increase of 13 points compared to 2011. Opening bank accounts in Banks or other financial institutions is becoming the norm. This increase is totally in line with the ambitious project of the World Bank to guarantee an universal access to official financial services by 2020. In other words, to promote financial inclusion whose impact on development is undeniable. Currently, 700 millions of people have bank account. Some even believe that one should follow the example of Sub saharan Africa.

Financial inclusion, the foundation to an emerging Africa

Financial inclusion goes beyond the simple need for modernity but is actually necessary to the development of African economies which are often non formal. The Central Bank of West African States (CBWAS) seems very aware of that matter. Therefore, the importance of the access to financial services for the development of the sub region countries remains one of its top priority.

According to its Togo national director Kossi Ténou, the Bank put together a regional strategy to reinforce financial inclusion in Member States. “We want to put together different types of action plans to reinforce financial inclusion and ensure that affordable products and services are available to as many people as possible.” he said.

“ We have noticed that the growth rate was higher than the unemployment rate.” added the CBWAS country director. That is the reason why the sub-regional financial institution has launched many initiatives within the Economic Community of West African States (ECOWAS) to promote financial inclusion.

What about the use of mobile phone technologies in banking facilities?

if the number of people using financial services in Africa has increased, the use of mobile phone technologies has certainly something to do with it. With the rise of mobile payments services and the rise of banking agents who contact rural clients via mobile phones, the rate of  sub saharan Africans with a bank account has tripled. Generally, in that region 12% of adults have a mobile banking account. That number is four times better than world’s average. It is safe to say that the continent has taken a huge step toward modernity.